Save HDFCs

100K+ HDFC homeowners fighting to protect the affordable co-ops we built with our own hands. We stand for sustainable affordability and fairness. #SaveHDFCs

[Save HDFCs @SaveHDFCs]

In the 1970s, landlords abandoned hundreds of NYC buildings. The City took them and offered tenants a deal: fix and stabilize your building and you can own it.

They did. Tenants patched roofs, paid the oil bills, elected boards and kept the books. Today 1,100+ HDFC co-ops are home to 100,000+ New Yorkers.

Now, with their DAMP tax benefit expiring in 2029, HPD wants to limit children inheriting their homes, resale price caps, City-chosen monitors and power to replace co-op boards. Price caps would cut buyers and buildings off from ordinary bank loans and destroy affordability for the current homeowners.

@SenatorRJackson and Assemblymember Al Taylor's S.880/A.2707 keeps the deal: a permanent tax benefit, the income limits HDFCs already have, no clawback.

A deal is a deal. Read the full story: https://t.co/7K7ftkwMxj

[Save HDFCs @SaveHDFCs]

Lenders respond to caps. For co-ops, Fannie Mae says a co-op that limits resale returns is ineligible for share loans. Cap HDFC resale prices and most banks stop lending to buyers. Pass @SenatorRJackson's S.880/A.2707 as written. @GregDavidonNY @TheRealDeal

[Alyssa Katz @alykatzz]

Rent freeze, we have a problem: affordable housing can’t get financing. https://t.co/huHvh3U0mR

[Save HDFCs @SaveHDFCs]

Isabel Adon's building was an HDFC co-op. 100,000+ New Yorkers live in 1,100+ HDFC co-ops whose DAMP tax benefit expires in 2029. Fail to extend DAMP or impose smothering new terms on HDFCs, and you get the same disastrous outcome. @NYCCouncil @NYCHousing @PiSanchezNYC #savehdfcs

[Ben Crump @AttorneyCrump]

Isabel Adon bought into a co-op in the Bronx to build something for her children. Junior Gonzalez did it after serving in the Marines. They say overnight, the city of New York took it all with little to no notice or compensation, labeling their building "distressed" and transferring the deed to a nonprofit. This happened to hundreds of families, nearly all in minority communities. A $60 million settlement has been proposed, but the fight isn't over. Every family deserves the right to build generational wealth without fear of losing it.

[Save HDFCs @SaveHDFCs]

HDFC homeowners: the Council holds a hearing on homeownership Wed Oct 28, 1 PM, 250 Broadway. 100,000+ New Yorkers live in 1,100+ HDFC co-ops, and their DAMP tax benefit expires in 2029. Come and tell the Council why it must be extended! #SaveHDFCs https://t.co/HHGpSkYaV0

[Save HDFCs @SaveHDFCs]

@SpeakerMenin @CMNantashaW Thank you, Speaker Menin. Please make sure every borough expo covers HDFC co-ops: 100,000+ New Yorkers in 1,100+ buildings whose DAMP tax benefit, in place since 1989, expires in 2029. We'd be glad to help staff those tables. #SaveHDFCs

[Save HDFCs @SaveHDFCs]

@NYCCouncil @SpeakerMenin @CMNantashaW Protecting homeownership must include preserving NYC’s HDFC co-ops: 100,000+ residents in 1,100+ buildings. Tax benefit that keeps them affordable runs out in 2029. The HDFC Fairness, Preservation, and Affordability Act would extend it. We hope October 28 hearing takes this up.

[Save HDFCs @SaveHDFCs]

@coryfolkmac @emmma_camp_ Please follow us @coryfolkmac - we are working hard to extend the DAMP tax break that expires in 2029.

[Save HDFCs @SaveHDFCs]

@erik_engquist Finally, the piece unfortunately ignores the most newsworthy issue re HDFCs: the 2029 DAMP expiration, regrettably opposed by opportunistic politicians and non-profits, which all but ensures a demise of one of the greatest affordable housing success stories in NYC’s history.

[Save HDFCs @SaveHDFCs]

@erik_engquist You also cite UHAB's estimate that ~20% of HDFCs are in distress. The same UHAB report says "the vast majority of HDFCs are democratic, financially solvent, and affordable."

[Save HDFCs @SaveHDFCs]

@emmma_camp_ The real issue worth covering is that the tax break that helps keep these buildings affordable expires in 2029, and opportunistic politicians and nonprofits oppose a state bill that would extend it, ensuring their destruction. Happy to talk more re why. #savehdfcs

[Save HDFCs @SaveHDFCs]

@emmma_camp_ Also, HDFCs are self-governed buildings rebuilt by mostly immigrant and minority tenants to whom the city sold them when they were worthless in 70s and 80s. A real success story, actually. /2

[Save HDFCs @SaveHDFCs]

@erik_engquist Correction: HDFCs are not "limited equity" co-ops. The PHFL incorporates them as limited income co-ops, not limited equity. The "limited equity" label is HPD/UHAB's policy wish dressed up as fact, and it hurts HDFCs: Fannie Mae and Freddie Mac won't lend on limited-equity co-ops.

[Save HDFCs @SaveHDFCs]

Meet HDFC Homeowner Silvana Pizzuti, and hear her thoughts on overcoming financial segregation through affordable housing.

#SaveHDFCs #HDFCstories
@nypost @Gothamist @CrainsNewYork

[Save HDFCs @SaveHDFCs]

Long before the official construction crew took over, the shareholders were the crew. This is the raw, inspiring truth behind sweat equity in an NYC HDFC, shared by Diane Orr.

#SaveHDFCs #HDFCstories
@nypost @Gothamist @CrainsNewYork @CityAndStateNY

[gina @mumstheword65]

Shame on @ZohranKMamdani shame on Cea weaver. You don’t stand for public housing or working class, just the rich white kids moving here. The irony of these fake socialists privatizing public housing should never be forgotten.

[Save HDFCs @SaveHDFCs]

And we still are.

#SaveHDFCs #HDFCstories

[Save HDFCs @SaveHDFCs]

Diane Orr shares details of just how dangerous it was back then!
Want to join the movement or share your own experience? Click the link in our bio to take action and make your voice heard!

#SaveHDFCs #HDFCstories @nypost @Gothamist @CrainsNewYork @CityAndStateNY